How Believable Are "Just Inherited" Auction?

jdheyne - Actually I have run into a few that do seem to be legitimate. The first thing I do is to write to the seller and ask questions - quite often you can get a feeling about the legitimacy of the situation by talking to the seller. Then review the sellers past auctions to see how long it has been going on.

There is case I have followed on ebay since 1999. When I first found ebay in November 1999, I found a fellow selling a few 8R coins that he discovered in the lining of an old trunk "last summer or last month". It sounded like a reasonable story, but he refused to supply any dates for the coins involved. Well, the identical description has been used off an on ever since by the same guy. My guess is that he runs the auction, gets paid - then depending on the sale price sends a coin of "commensurate" value to the winner. A low bid gets a cull and a high bid gets a better cull. Since he can't be bothered with dates or mint marks - why would anyone bid? What a rip off.

But on the other hand, I do know of a fellow who did actually find a coin in an old piece of furniture in 2003. He knew nothing about coins and was referred to me. He bought an old desk in Canada and when he got it home it had a rattle that his wife didn't like. It turned out to be a half dollar that had fallen out of the back of a drawer. It was a 1795 US Half that certified EF 40! By the way he had paid $125 for the desk which is still in his office. He also has the half dollar. It got him interested in coin collecting and he now has a rather nice collection.

So you never know. But don't distrust everyone.

As always buyers beware--I would guess some would be legit--Some use this line, others use items were from an "estate sale"--Others use any other scheme they can to get you to bid on the items presented--I say do as others posted here--look at the history look at older sales if still open for review--But I do agree--some might just be legit---
CiScO

I fail to see why a true "estate" or " inherited" coin would be any different from any other coin. Either it's nice, or it ain't.

Like Fred said... hopes that the person selling does not know what they have.
A good friend buys lots in off of ebay all the time.
He bought in a bag of Mercury dimes, wheat pennies, buffalos, along with a lot of other stuff. First, he went through the wheats, 14-d, 10-S, 11-S, 14-D, 09 S, 14-D, another 09 S that he didn't flip over to check. He found a couple more better dates in there, but when he was done, the 09S had a VDB at the bottom. He called me imediately to check it out to make sure it was good.

Going through the Buffalos, about 5 31-S's, T1's& Early T2's, quite a few UNCs.
The Mercury dimes, no 21's but he found a couple 16's flipped the last one over and there was a D. He called me back right after that to tell me. It would probably grade at a F. I made sure that was a good piece as well.

I am assuming the person he bought these from inherited them from a hoarder and not a collector.

He said that was by far the best he has ever done.

So that is why inherited coins can make a difference. If you buy from a collector or a dealer, I am pretty sure that would not happen.

Jordan

I agree that you need to look at the feedback and avoid problem people. But remember that we all start someplace.

I recall one "Mexican Collection" that I won from a person with only 2 feedbacks. At the time I had only 8 myself, so I really didn't know any better. The auction had most of the "Red Flags" which I now recognize but I didn't then. I decided to check more. I opened a dailog with the seller and got very comfortable with the woman. I bet we exchanged 20 emails. Her story seemed sincere. This was one case where she had no knowledge of coins and she had inherited them. I offered to help her with an inventory and actual value, but she said NO. She did send me a partial list of dates and denominations. I then told her that she was likley losing money selling this way, but she just wanted to sell. From that list I felt comfortable that she had something. So I made a totally blind bid of $100 anyway. I won the group for $51 over only one other bidder who bid $50. There were 85 Mexican silver coins all dated before 1880. The lot included several overdates a couple 8Rs that were RARE - they were very early coins. Catalog value exceeded $1,400. Some dealer had told her they were junk and offered her $20. So she was very happy with my bid. I offered her more because I thought it was unfair, but she said NO.